美商藝電 (EA) 2024 Q3 法說會逐字稿

Good afternoon. My name is Briana, and I will be your conference operator today. At this time, I would like to welcome everyone to the Electronic Arts Third Quarter Fiscal Year 2024 Earnings Conference Call. I would now like to turn the conference over to Ms. Katy Burke, Director Investor Relations. Please go ahead.

午安.我叫 Briana，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加藝電 2024 財年第三季財報電話會議。現在我想將會議交給投資者關係總監 Katy Burke 女士。請繼續。

Thank you. Welcome to EA's Third Quarter Fiscal Year 2024 Earnings Call. With me today are Andrew Wilson, our CEO; and Stuart Canfield, our CFO. Please note that our SEC filings and our earnings release are available at ir.ea.com. In addition, we have posted detailed earnings slides to accompany our prepared remarks.

謝謝。歡迎參加 EA 2024 財年第三季財報電話會議。今天和我在一起的有我們的執行長安德魯威爾森 (Andrew Wilson)；以及我們的財務長 Stuart Canfield。請注意，我們的 SEC 文件和收益報告可在 ir.ea.com 上取得。此外，我們還發布了詳細的收益幻燈片，以配合我們準備好的評論。

Lastly, after the call, we will post our prepared remarks, an audio replay of this call and a transcript. With regards to our calendar, our Fourth quarter fiscal year 2024 earnings call is scheduled for Tuesday, May 7. As a reminder, we post a schedule of upcoming earnings calls for the fiscal year on our IR website. This presentation and our comments include forward-looking statements regarding future events and the future financial performance of the company. Actual events and results may differ materially from our expectations. We refer you to our most recent Form 10-Q for a discussion of risks that could cause actual results to differ materially from those discussed today.

最後，在通話結束後，我們將發布準備好的演講、通話的音訊重播和文字記錄。關於我們的日曆，我們的 2024 財年第四季財報電話會議定於 5 月 7 日星期二舉行。作為提醒，我們在 IR 網站上發布了本財年即將舉行的財報電話會議的時間表。本簡報和我們的評論包括有關未來事件和公司未來財務表現的前瞻性陳述。實際事件和結果可能與我們的預期有重大差異。我們建議您參閱最新的表格 10-Q，以討論可能導致實際結果與今天討論的結果有重大差異的風險。

Electronic Arts makes these statements as of today, January 30, 2024, and disclaims any duty to update them. During this call, the financial metrics, with the exception of free cash flow, will be presented on a GAAP basis. Please see our earnings slides for further information. All comparisons made in the course of this call are against the same period in the prior year unless otherwise stated. Now I'll turn the call over to Andrew.

Electronic Arts 截至今天（2024 年 1 月 30 日）做出這些聲明，並且不承擔更新這些聲明的義務。在本次電話會議中，除自由現金流以外的財務指標將根據公認會計原則（GAAP）提供。請參閱我們的收益幻燈片以了解更多資訊。除非另有說明，本次電話會議過程中所進行的所有比較均與去年同期進行。現在我將把電話轉給安德魯。

Thanks, Katy. It was a strong Q3 as we continue to entertain hundreds of millions of players and fans around the world. Our exceptional teams created high-quality games and experiences across our broad portfolio that drove deep engagement and record live services. This quarter, 2 of the world's most celebrated interactive entertainment experiences, EA Sports FC and EA Sports Madden NFL delivered phenomenal strength as sizable drivers of long-term growth.

謝謝，凱蒂。這是一個強勁的第三季度，我們繼續為世界各地數億玩家和粉絲帶來歡樂。我們傑出的團隊在我們廣泛的產品組合中創造了高品質的遊戲和體驗，推動了深度參與和創紀錄的即時服務。本季度，世界上最著名的兩家互動娛樂體驗公司 EA Sports FC 和 EA Sports Madden NFL 作為長期增長的重要推動力表現出了驚人的實力。

We are launching amazing games and experiences that entertain massive online communities, create blockbuster interactive storytelling and harness the power of community in and around our games. EA's Q3 results are a great example of our execution across our strategy. The FC platform is thriving at the center of the action, fandom and culture of the world's game. The launch of EA Sports FC '24 has been a great success and has once again outperformed our expectations. Players are connecting, competing and celebrating global football with their friends, driving strong engagement across FC's multi-experience ecosystem.

我們正在推出令人驚嘆的遊戲和體驗，以娛樂大量的線上社區，創造轟動一時的互動故事講述，並利用我們遊戲中和周圍社區的力量。 EA 第三季的業績是我們執行策略的一個很好的例子。 FC 平台在世界遊戲的動作、粉絲和文化的中心蓬勃發展。 EA Sports FC '24 的推出取得了巨大成功，再次超出了我們的預期。球員們可以與朋友聯繫、競爭和慶祝全球足球，從而推動 FC 多體驗生態系統的強大參與度。

In Q3, players dove into Ultimate Team, driving double-digit net bookings growth and delivering the franchise's biggest net bookings week ever. FC Mobile also generated deep engagement with daily active users up by 29% year-over-year, while FC Online grew new players by 20% year-over-year. In calendar 2023, Madden NFL was the best-selling sports game in North America and continues to grow. Madden NFL 24 is engaging more players year-over-year through new innovative gameplay features and compelling live services. In Q3, net bookings grew an engagement with Ultimate Team increased 19%. Madden Mobile also saw an increase in players during the quarter, generating double-digit growth across the community.

第三季度，玩家們紛紛加入《Ultimate Team》，推動了兩位數的淨預訂量成長，並創造了該系列有史以來最大的淨預訂量週。 FC Mobile 的日常活躍用戶深度參與度也較去年同期成長 29%，而 FC Online 的新玩家數量則較去年同期成長 20%。 2023 年，《Madden NFL》是北美最暢銷的運動遊戲，而且還在持續成長中。 《Madden NFL 24》透過新的創新遊戲功能和引人入勝的直播服務，逐年吸引更多玩家。第三季度，Ultimate Team 的淨預訂量增加了 19%。 《Madden Mobile》在本季的玩家數量也有所增加，整個社群實現了兩位數的成長。

Our business is gaining momentum as our communities continue to grow and the definition of play rapidly expands to include watching gameplay creating user-generated content and connecting with friends and families in and around beloved IP. There are billions of players around the world, and this number is expected to increase as younger generations choose gaming as their #1 form of entertainment, generating incredible opportunities for us to engage and deliver new experiences. The evolving world's unfolding stories and rich characters of our Live Services are deepening Player's relationship with our IP and broadening the global appeal of our portfolio. To further entertain our communities, we are building more ways for them to play, watch, create and connect to generate growth and longevity in our biggest franchises.

隨著我們的社群不斷發展，遊戲的定義迅速擴展，包括觀看遊戲玩法、創建用戶生成的內容以及與心愛的 IP 內外的朋友和家人建立聯繫，我們的業務正在獲得動力。全球有數十億玩家，隨著年輕一代選擇遊戲作為他們的第一個娛樂形式，這個數字預計還會增加，為我們創造了參與和提供新體驗的絕佳機會。不斷發展的世界不斷展開的故事和我們即時服務的豐富角色正在加深玩家與我們 IP 的關係，並擴大我們產品組合的全球吸引力。為了進一步娛樂我們的社區，我們正在為他們建立更多的方式來玩、觀看、創造和聯繫，以促進我們最大的特許經營業務的成長和長壽。

The Sims franchise is the definitive life simulation experience, offering its multi-generational community incredible ways to connect, create and express their individuality. During calendar 2023, players have spent an astounding 1.8 billion hours in The Sims 4, a nearly 30% increase from the prior year. We remain committed to the global growth and innovation of this franchise. We're focused on delivering what the community wants most. From ongoing new content and game modes for The Sims 4 to the social innovation expansion and connection in our future Sims release. Millions of passionate fans continue to come together through the nonstop action of Battlefield. The Battlefield 2042 community continues to grow, with total players up 17% year-over-year and Season 6 Live Services driving strong engagement with weekly average users up 37% year-over-year.

《模擬市民》系列是終極的生活模擬體驗，為多代社群提供令人難以置信的方式來連結、創造和表達他們的個性。 2023 年期間，玩家在《模擬市民 4》中花費的時間達到了驚人的 18 億小時，比前一年增加了近 30%。我們仍然致力於該系列產品的全球成長和創新。我們專注於提供社區最想要的東西。從《模擬市民 4》持續推出的新內容和遊戲模式，到未來《模擬市民》版本的社交創新擴展和連結。數以百萬計的熱情粉絲透過《戰地》不間斷的動作不斷聚集在一起。 《戰地 2042》社群持續成長，玩家總數較去年同期成長 17%，第 6 季直播服務推動了強勁的參與度，每周平均用戶較去年同期成長 37%。

Our team is working hard to deliver for the community with increasingly engaging live services like the recent announcement of Season 7 with new maps, weekly missions and much more. In addition, we are making investments in the future of the franchise. Our exceptional teams from multiple world-class studios working with cutting-edge FrostBite technology are building an expansive community-focused battlefield universe for fans all over the world. As a category leader with millions of loyal fans, we are looking forward to celebrating the fifth anniversary of Apex Legends. Over the past few months, we have listened closely to our community and have deployed new features, new styles of play and new content. We have also implemented tools to better understand day-to-day game performance.

我們的團隊正在努力為社區提供越來越有吸引力的即時服務，例如最近宣布的第七季的新地圖、每週任務等等。此外，我們正在對特許經營的未來進行投資。我們來自多個世界級工作室的優秀團隊採用尖端的 FrostBite 技術，正在為世界各地的粉絲建立一個以社區為中心的廣闊戰場宇宙。作為擁有數百萬忠實粉絲的類別領導者，我們期待慶祝《Apex 英雄》五週年。在過去的幾個月裡，我們仔細傾聽了社群的意見，並部署了新功能、新遊戲風格和新內容。我們也實作了工具來更好地了解日常遊戲效能。

In Q3, our new modes drove improved engagement and the early impact of our new content in the current quarter is promising. To generate future growth, we are focused on entertaining core players and engaging new players by investing in geographic expansion, innovating in the game economy and making it easier than ever for players to jump into our gameplay. Turning to FY '25, we will deliver even more excitement and entertainment through an expanded portfolio of connected ecosystems. Industry leader, EA SPORTS will launch a strong core slate of titles and always on Live Services to grow our Sports business as a global community and drive value year after year. Our journey building FC, the world's largest interactive platform for global football fans will continue with accelerated gameplay innovation more social connection and new brand collaborations to deliver even more value for players.

在第三季度，我們的新模式推動了參與度的提高，並且本季新內容的早期影響是有希望的。為了實現未來的成長，我們專注於透過投資地理擴張、遊戲經濟創新以及讓玩家比以往更容易進入我們的遊戲玩法來娛樂核心玩家並吸引新玩家。進入 25 財年，我們將透過擴展的互聯生態系統組合提供更多刺激和娛樂。作為行業領導者，EA SPORTS 將推出一系列強大的核心遊戲並始終提供即時服務，以發展我們作為全球社區的體育業務並年復一年地推動價值。我們打造 FC 這一全球最大的全球球迷互動平台的旅程將繼續加速遊戲創新、更多社交聯繫和新品牌合作，為玩家帶來更多價值。

Our team is working with an incredible roster of partners are just getting started with FC. We are well positioned to grow this platform as a cultural phenomenon. The momentum in Madden NFL will continue with events and experiences tied to the biggest moments in the sport alongside deeper investments in this ecosystem, including leaps in game play and deeper fan immersion. In addition to the meaningful advancements in Madden, we are bringing back fan favorite EA SPORTS College Football for the first time in over a decade. Looking further ahead, as more people spend more time playing and connecting in and around our titles, we see incredible potential for growth. Within our online communities, we are expanding blockbuster storytelling through deep, rich characters and new story modes to deliver bigger, broader games and Live Services.

我們的團隊正在與眾多剛開始使用 FC 的合作夥伴合作。我們完全有能力將這個平台發展成一種文化現象。 《Madden NFL》的勢頭將持續下去，包括與這項運動中最重要時刻相關的活動和體驗，以及對該生態系統的更深入投資，包括遊戲玩法的飛躍和更深層次的粉絲沉浸感。除了《Madden》中有意義的進步之外，我們十多年來首次帶回了深受粉絲喜愛的 EA SPORTS College Football。展望未來，隨著越來越多的人花更多時間在我們的遊戲中和周圍進行遊戲和交流，我們看到了令人難以置信的成長潛力。在我們的線上社群中，我們正在透過深刻、豐富的角色和新的故事模式擴展大片故事講述，以提供更大、更廣泛的遊戲和即時服務。

Connected experiences offer new cutting-edge ways to engage and inspire players and can unlock future innovative growth opportunities. Over the coming years, we expect accelerated growth in our business. Our long-term outlook, coupled with secular tailwinds drives further conviction in our strategy. By aligning our priorities and investments with our greatest opportunities, we can make the biggest impact and drive long-term value in service of our people, our players and our shareholders. Now I'll hand the call over to Stuart to provide additional details on our business.

互聯體驗提供了吸引和激勵玩家的新前沿方式，並可以釋放未來的創新成長機會。未來幾年，我們預計我們的業務將加速成長。我們的長期前景，加上長期的有利因素，進一步堅定了我們的策略信念。透過將我們的優先事項和投資與最大的機會結合起來，我們可以產生最大的影響，並為我們的員工、玩家和股東提供服務，推動長期價值。現在我將把電話轉給斯圖爾特，以提供有關我們業務的更多詳細資訊。

Thanks, Andrew, and good afternoon, everyone. For the third quarter, we delivered net bookings of $2.37 billion, up 1% year-over-year or 2% in constant currency and in line with our expectations. Strength in our Live Services businesses, particularly EA SPORTS FC Ultimate Team was partially offset by some softness in full game. Live Services net bookings grew to a record $1.71 billion in Q3 up 3% year-over-year or up 5% in constant currency, exceeding our expectations as we continue to drive healthy engagement and bring new players to our franchises.

謝謝安德魯，大家下午好。第三季度，我們實現淨預訂量 23.7 億美元，年增 1%，以固定匯率計算成長 2%，符合我們的預期。我們的直播服務業務（尤其是 EA SPORTS FC Ultimate Team）的實力被整場比賽的疲軟部分抵消。第三季度，直播服務淨預訂金額成長至創紀錄的17.1 億美元，年成長3%，以固定匯率計算成長5%，超出了我們的預期，因為我們繼續推動健康的參與度並為我們的特許經營業務引進新玩家。

Full game net bookings of $654 million was down 5% year-over-year or down 4% in constant currency versus a high prior year comparable that included the World Cup event. On a trailing 12-month basis, total net bookings was up 8% year-over-year with Live Services contributing $5.6 billion or 73%, demonstrating the resilience of this evergreen business model. Building on the strong momentum from our launch at the end of Q2. EA SPORTS FC again exceeded expectations as EA SPORTS FC Ultimate Team and FC Mobile delivered exceptional double-digit net bookings growth against the World Cup comparable in the prior year.

整場比賽的淨預訂額為 6.54 億美元，年減 5%，以固定匯率計算，與去年同期的高水準（包括世界盃賽事）相比下降 4%。在過去 12 個月的基礎上，總淨預訂量年增 8%，其中即時服務貢獻了 56 億美元，即 73%，證明了這種常青業務模式的彈性。建立在我們第二季末推出的強勁勢頭之上。 EA SPORTS FC 再次超越預期，因為 EA SPORTS FC Ultimate Team 和 FC Mobile 的淨預訂量與去年的世界盃相比實現了兩位數的淨預訂量增長。

Our Global Football business net bookings grew 7% year-over-year as our teams continue to drive strong retention of our core player base through the FC brand transition. EA SPORTS Madden NFL also saw another strong quarter with net bookings up 5% year-over-year, highlighted by strong engagement trends across Full Game, Ultimate Team and Mobile. Additional highlights from the third quarter include new releases of EA SPORTS UFC, NHL and World Rally Championship, which contributed to further expanding the aggregate fandom and strength of our EA SPORTS community creating additional value-added services in one of the largest sports brands and platforms in the world. In a highly competitive quarter, Apex Legends did not meet our expectations as our teams continue to learn and iterate with each new season and event.

我們的全球足球業務淨預訂量年增 7%，因為我們的團隊透過 FC 品牌轉型繼續大力保留我們的核心球員基礎。 EA SPORTS Madden NFL 也迎來了另一個強勁的季度，淨預訂量同比增長 5%，這得益於 Full Game、Ultimate Team 和行動裝置的強勁參與趨勢。第三季的其他亮點包括EA SPORTS UFC、NHL 和世界拉力錦標賽的新發布，這有助於進一步擴大EA SPORTS 社群的粉絲總數和實力，並在最大的體育品牌和平台之一中創造額外的增值服務在世界上。在競爭激烈的季度，《Apex 英雄》沒有達到我們的預期，因為我們的團隊在每個新賽季和賽事中不斷學習和迭代。

In the past few weeks, our recent crossover promotion showed early promising signals, delivering 2 of our highest net bookings days over the fiscal year. With Season 20 launching in February, our teams will deliver more innovation as we continue to build for the long term. We remain committed to Apex Legends, a proven franchise with loyal fans and we'll continue to invest in opportunities to drive new growth points as we build and expand the franchise over time through engaging a broader base of players. Moving to our GAAP results. We delivered net revenue of $1.95 billion, up 3% year-over-year. As we continue to operate with focus and discipline, operating expenses were favorable to our expectations also benefiting from some phasing of spend to Q4.

在過去的幾周里，我們最近的跨界促銷活動顯示出早期有希望的信號，實現了本財年淨預訂量最高的兩天。隨著第 20 季於 2 月推出，我們的團隊將在我們繼續長期建設的過程中提供更多創新。我們仍然致力於《Apex Legends》，這是一個擁有忠實粉絲的久經考驗的系列，我們將繼續投資機會，透過吸引更廣泛的玩家群體，隨著時間的推移，建立和擴展系列，以推動新的增長點。轉向我們的 GAAP 結果。我們實現淨收入 19.5 億美元，年增 3%。隨著我們繼續專注和自律地運營，營運支出有利於我們的預期，這也得益於第四季度支出的一些階段。

On a year-over-year basis, operating expenses were up 3%, driven primarily by incremental marketing spend as we invested to support our titles and the EA SPORTS FC transition through the critical holiday season. Our GAAP earnings per share was $1.07 up 47% year-over-year. Operating cash flow in the quarter was $1.26 billion, up 13% year-over-year. On a trailing 12-month basis, free cash flow was a record $2.16 billion, and we returned $376 million to shareholders through dividends and our ongoing share repurchase program. We are entering the final quarter of FY '24, well positioned to deliver on our commitments for the fiscal year. With our strong business performance year-to-date, our unrivaled portfolio of IP and our consistent execution in our core Live Services business.

與去年同期相比，營運費用增加了 3%，這主要是由於我們投資支持我們的遊戲和 EA SPORTS FC 在關鍵假期期間的過渡而增加的行銷支出。我們的 GAAP 每股收益為 1.07 美元，年增 47%。該季度營運現金流為 12.6 億美元，年增 13%。過去 12 個月的自由現金流達到創紀錄的 21.6 億美元，我們透過股利和持續的股票回購計畫向股東返還 3.76 億美元。我們即將進入 24 財年的最後一個季度，完全有能力兌現本財年的承諾。憑藉我們今年迄今為止強勁的業務表現、無與倫比的知識產權組合以及我們在核心直播服務業務中的一貫執行力。

Even in an incredibly competitive market, we are poised to deliver growth in net bookings consistent with what we outlined at the beginning of the year. At the same time, we are tracking to deliver higher levels of underlying profitability and record free cash flow. We remain deliberate and focused around the prioritization and allocation of resources across our teams and portfolio as we make progress against our long-term strategy to drive durable growth, strong cash flow and shareholder returns. Turning to our Q4 outlook, I'd like to start by sharing a few key considerations. First, as a reminder, our Q4 net bookings is impacted by timing, including releases of our Full Game and content offerings in the prior year. Second, we expect moderated growth in our EA SPORTS FC franchise as we lap record prior year performance.

即使在競爭異常激烈的市場中，我們也準備好實現淨預訂量的成長，與我們年初概述的情況一致。同時，我們正在努力實現更高水準的基礎獲利能力並創紀錄的自由現金流。隨著我們在推動持久成長、強勁現金流和股東回報的長期策略方面取得進展，我們仍然深思熟慮並專注於我們團隊和投資組合的優先順序和資源分配。談到我們對第四季的展望，我想先分享一些關鍵考量。首先，提醒一下，我們第四季的淨預訂量受到時間的影響，包括上一年完整遊戲和內容產品的發布。其次，隨著我們創下去年的業績記錄，我們預計 EA SPORTS FC 特許經營業務將出現溫和成長。

For the full year, we now expect EA SPORTS FC net bookings to grow mid- to high single digits, excluding FX. Third, we continue to take a measured approach to Apex Legends in its largest quarter of the year as we introduce new modes of play and content offerings. And finally, we expect impact from FX to be minimal as the benefit from more favorable currency exchange rates is offset by hedging gains from the prior year. As a result, we expect net bookings of $1.625 billion to $1.925 billion, down 16% to down 1% year-over-year, including approximately 8 points of impact from the timing noted earlier. We expect GAAP net revenue of $1.625 billion to $1.925 billion and cost of revenue of $360 million to $410 million.

就全年而言，我們現在預計 EA SPORTS FC 淨預訂量將實現中高個位數成長（不包括外匯）。第三，我們在《Apex Legends》今年最大的季度中繼續採取謹慎的態度，推出新的遊戲模式和內容。最後，我們預期外匯的影響很小，因為更有利的貨幣匯率帶來的好處被上一年的避險所抵銷。因此，我們預計淨預訂量為 16.25 億美元至 19.25 億美元，年減 16% 至 1%，其中較先前提到的時間點受到約 8 個點的影響。我們預計 GAAP 淨收入為 16.25 億美元至 19.25 億美元，收入成本為 3.6 億美元至 4.1 億美元。

We expect operating expenses of $1.125 billion to $1.205 billion, including a $70 million impairment charge of certain acquisition-related intangible assets. This results in GAAP earnings per share of $0.20 to $0.68 for the fourth quarter. Before handing back to Andrew, I'd like to take a moment to share some early perspective on our multiyear growth objectives. EA is in an advantaged position to lead the future of interactive entertainment with ongoing secular tailwinds and structural shifts within the industry, further amplifying our strategy. Our long-term financial framework is founded upon creating value for our shareholders by accelerating growth, delivering forward operating leverage and increasing cash flow.

我們預計營運費用為 11.25 億美元至 12.05 億美元，其中包括某些與收購相關的無形資產的 7,000 萬美元減損費用。這導致第四季度 GAAP 每股收益為 0.20 美元至 0.68 美元。在回到安德魯之前，我想花點時間分享一些關於我們多年成長目標的早期觀點。憑藉著業界持續的長期順風和結構性轉變，EA 處於引領互動娛樂未來的優勢地位，進一步強化了我們的策略。我們的長期財務框架建立在透過加速成長、提供遠期營運槓桿和增加現金流為股東創造價值的基礎上。

In executing on our strategy, we expect to scale operating leverage through the following growth levers: One, expanded player acquisition, engagement and retention; Two, highly accretive digital and live services, Three, blockbuster new releases from our development pipeline alongside compounding growth across our core franchises and Four, discipline and focus on aligning our cost structure to invest in support of our strategic growth opportunities.

在執行我們的策略時，我們希望透過以下成長槓桿來擴大營運槓桿：一是擴大玩家獲取、參與度和保留率；第二，高度增值的數位和即時服務，第三，我們的開發管道中推出的重磅新產品，以及我們核心特許經營的複合增長，第四，紀律和重點調整我們的成本結構，以投資支持我們的策略成長機會。

As we look ahead to FY '25 and more specific guidance in our upcoming Q4 earnings call, I wanted to share some initial considerations. Assuming minimal impact to our results from FX, we expect low single-digit net bookings growth, reflecting continued execution in our core businesses in a lighter release late year. And excluding any impact from future share repurchases, we expect mid- to high single-digit growth in underlying profitability. Looking beyond FY '25 over the next couple of years, we expect our net bookings growth to accelerate, bolstered by our portfolio of industry-leading IP, compounding growth within our core sports franchises, new content and engaging experiences across our massive online communities and iconic new releases like Battlefield, Sims and other in development titles provide the inflection point that fuels net bookings growth and increases underlying profitability.

當我們展望 25 財年以及即將到來的第四季度財報電話會議中的更具體指導時，我想分享一些初步考慮因素。假設外匯對我們業績的影響最小，我們預期淨預訂量將出現低個位數成長，這反映出我們核心業務在年底發布的較寬鬆的情況下繼續執行。排除未來股票回購的任何影響，我們預期基本獲利能力將實現中高個位數成長。展望25 財年之後的未來幾年，我們預計，在我們行業領先的IP 組合、核心體育特許經營權的複合增長、我們龐大的在線社區的新內容和引人入勝的體驗的推動下，我們的淨預訂量增長將會加速。《戰地風雲》、《模擬市民》和其他正在開發的遊戲等標誌性新遊戲提供了推動淨預訂量增長並提高潛在盈利能力的拐點。

And we expect to continue to deliver meaningful operating leverage and drive increased cash flow conversion, even as we continue to invest to support our strategic objectives. In summary, with our incredible talent, industry-leading IP and technology, global and growing communities of fans and our focus and discipline around our strategic objectives, we are confident in our ability to continue to deliver on our long-term growth commitments and drive value for our players and for our shareholders. I look forward to sharing more over the coming quarters. Now I'll hand it back to Andrew.

即使我們繼續投資以支持我們的策略目標，我們也希望繼續提供有意義的營運槓桿並推動現金流轉換的增加。總而言之，憑藉我們令人難以置信的人才、行業領先的知識產權和技術、全球和不斷增長的粉絲社區以及我們圍繞戰略目標的專注和紀律，我們有信心繼續履行我們的長期增長承諾並推動為我們的球員和股東創造價值。我期待在未來幾季分享更多內容。現在我會把它交還給安德魯。

Thanks, Stuart. I'm inspired by the opportunities ahead as we continue to execute our long-term strategy. Our mission to inspire the world to play is evolving and expanding beyond the traditional bounds of play. Technological advancements are powering creativity and innovation, transforming what we can deliver. We are positioned to bring bigger, broader games and experiences to an even larger global audience in the coming years. Our awesome teams, industry-leading technology, world-class IP and global network of players positions EA as a leader of the future of entertainment. Now Stuart and I, are here for your questions.

謝謝，斯圖爾特。當我們繼續執行我們的長期策略時，我對未來的機會感到鼓舞。我們激勵世界玩耍的使命正在不斷發展和擴展，超越了傳統的玩耍界限。技術進步正在推動創造力和創新，改變我們所能提供的服務。我們的目標是在未來幾年為更多的全球受眾帶來更大、更廣泛的遊戲和體驗。我們出色的團隊、領先業界的技術、世界一流的 IP 和全球玩家網路使 EA 成為未來娛樂業的領導者。現在史都華和我在這裡回答你們的問題。

Thank you. Briana, we're ready for our first question.

謝謝。 Briana，我們準備好回答第一個問題了。

(Operator Instructions) Your first question comes from the line of Andrew Uerkwitz with Jefferies.

（操作員說明）您的第一個問題來自 Andrew Uerkwitz 和 Jefferies 的線路。

One tactical, one long term. On the tactical one, it looks like the fourth quarter and full year guidance ranges are pretty wide, relative to what you normally do. Just curious one if that's correct. And two, why is that? It seems like a lot of Live Service are outperforming?

一種戰術，一種長期。在戰術方面，相對於您通常所做的，第四季度和全年指導範圍似乎相當寬。只是好奇這是否正確。第二，這是為什麼？看起來很多Live Service都表現出色？

Andrew, this is Joe. I'll take that. Yes. First of all, the range as we look forward, will continue to be broader in this case in the quarter in part for two reasons. One, it's a more dynamic quarter for us, as you referenced on our core Live Services, and the range that reflects both strength and opportunity we see. So we're lapping a record World Cup comp for FC and also is a fiscal high quarter for Apex. The second part I'd also flag as a reminder on the prepared remarks is that we have 8 points of headwind as well from timing of content released in the prior year. So hence, the spread between the top and the bottom is based around the biggest dynamic service that we have in the quarter, particularly FC and Apex.

安德魯，這是喬。我會接受的。是的。首先，我們預計，本季的範圍將繼續擴大，部分原因有二。第一，正如您在我們的核心即時服務中提到的那樣，這對我們來說是一個更有活力的季度，以及反映我們所看到的實力和機會的範圍。因此，我們為 FC 創下了世界盃紀錄，同時也是 Apex 的財務高季度。我還要提醒大家準備好的評論的第二部分是，從去年發佈內容的時間來看，我們也有 8 個不利因素。因此，頂部和底部之間的差距是基於我們本季擁有的最大動態服務，特別是 FC 和 Apex。

Got it. That's helpful. And then I appreciate you've given the color on the forward years. On the operating leverage, could you just maybe walk us through a little bit or give us additional color on the primary drivers there? Is that more Live Services from games like Sims or Skate eventually? Or is that just naturally operating leverage from the fact you guys don't capitalize costs. Just kind of help us understand that dynamic a little bit better. I appreciate it.

知道了。這很有幫助。然後我很感謝你為未來幾年的發展注入了色彩。關於營運槓桿，您能否向我們介紹一下或為我們提供有關主要驅動因素的更多資​​訊？最終，《模擬市民》或《滑板》等遊戲會提供更多即時服務嗎？或者這只是由於你們不資本化成本而自然產生的營運槓桿。只是幫助我們更好地理解這種動態。我很感激。

Yes. Let me start with this. Just take a look at sort of the business over the longer term. We're laying out our overarching framework is kind of grounded in three pieces: Accelerating growth on the top line, expanding leverage on the bottom and increasing cash flow. We're looking at that through a couple of different lenses. So one is we do expect to continue to drive compounding growth across our core franchises. Plus, we expect to release from our pipeline has been development, and both of those will be bolstered by expanded player acquisition, engagement and retention. As you know, our Live Services make up almost 3/4 of our business, which highlights the evergreen nature of that business model and thus the ability to drive compounded growth on those franchises through the future.

是的。讓我從這個開始。只要看看長期的業務即可。我們制定的整體架構分為三個部分：加速營收成長、擴大底層槓桿、增加現金流。我們正在透過幾個不同的視角來看待這個問題。因此，我們確實希望繼續推動我們核心特許經營業務的複合成長。另外，我們期望從我們的管道中發布一直在開發的內容，而這兩者都將透過擴大玩家獲取、參與度和保留率得到支持。如您所知，我們的即時服務幾乎占我們業務的 3/4，這凸顯了該業務模式的常青性質，以及未來推動這些特許經營業務複合增長的能力。

New releases are the second part, and they're an important lever for us on that multiyear growth journey. And we're really flagging through the long term journey. They will create some nonlinearity in that growth in terms of how we accelerate through the later years depending on timing around that pipeline. Additional context would be that as we continue to drive through Live Service and we see greater digital, we get far more accretion through that mix. We're also continuing to be really focused around getting leverage and scale and of OpEx in terms of our cost structure to drive growth. So we think about those four pieces: core compounding growth across our current core business and Live Services, a more digital nature around that drives accretion and scale. Add to that the new releases that come through the pipeline and ongoing management of costs to ensure that we're investing for the future will ultimately provide leverage over the long term for us.

新版本是第二部分，它們是我們多年增長之旅的重要槓桿。在長期的旅程中，我們確實步履維艱。它們將在成長中產生一些非線性，即我們如何在接下來的幾年中加速，這取決於該管道的時間安排。額外的背景是，隨著我們繼續推動即時服務，我們看到了更大的數位化，我們透過這種組合獲得了更多的成長。我們也繼續真正專注於在成本結構方面獲得槓桿和規模以及營運支出，以推動成長。因此，我們考慮這四個部分：我們當前核心業務和即時服務的核心複合成長，圍繞著推動成長和規模的更數位化的性質。除此之外，透過管道發布的新版本和持續的成本管理，以確保我們對未來的投資最終將為我們提供長期影響力。

Briana next question, please.

布萊恩娜，請下一個問題。

Our next question comes from Matthew Cost with Morgan Stanley.

我們的下一個問題來自摩根士丹利的馬修·科斯特。

One would just be on some recent changes we've seen on app store fees in Europe for Apple specifically. I guess any early learnings there, any reflection on the possibility that you could see upside to gross margins for your Mobile game business, at least in Europe? Is that an option that you would be interested in? Because I know it's an opt-in sing for game publishers. That's point one. Question one. Question two, just beyond College Football as we get a little bit closer to release. Can you do anything to help scale the opportunity for everyone and sort of think through what is incremental versus what might come from the existing Madden customer base?

其中之一就是我們最近看到的一些針對蘋果公司在歐洲的應用程式商店費用的變化。我想有任何早期的經驗教訓，對您可以看到行動遊戲業務毛利率上升的可能性的任何反思，至少在歐洲？這是您感興趣的選項嗎？因為我知道這是遊戲發行商的選擇加入。這是第一點。問題一。問題二，就在大學橄欖球之後，我們離發布越來越近了。您是否可以做一些事情來幫助擴大每個人的機會，並思考什麼是增量，什麼可能來自現有的 Madden 客戶群？

I'll quickly touch on the Apple one first. Yes, as you're aware of the intentions to update the European App Store tied to their fees. We're still actively reviewing all of those updates and sort of working to understand potential implications to our business and any changes that may flow through from a gross margin perspective. As we gain more insight understanding, we'll be able to provide a more update sort of next quarter in terms of how that might map through for us and impact our gross margin, but no update or a reflection of that at this point.

我將首先快速介紹一下 Apple 的產品。是的，如您所知，更新歐洲應用程式商店與其費用相關的意圖。我們仍在積極審查所有這些更新，並努力了解對我們業務的潛在影響以及從毛利率角度可能發生的任何變化。隨著我們獲得更多的洞察力，我們將能夠在下個季度提供更多更新，說明這可能如何影響我們並影響我們的毛利率，但目前沒有更新或反映。

And on College Football, our expectation is it will be additive. As we think about Madden -- Madden is performing incredibly well this year, as we said in our prepared remarks, the biggest game. The biggest sports game in calendar year 2023. We're seeing increased engagement in the game and increased monetization in Ultimate Team as part of that. The team is continuing to invest meaningfully into the modes of that and the expansion of Madden as a product. And certainly, as we look at the NFL broadly, and the fan base continue to grow an incredible season we're having this year. Our expectation is that we will invest behind Madden and grow Madden and at what College Football represents as a game that's been 10 years in the waiting for our fans is that there's an incredible amount of pent-up demand, and we expect that to be additive to the ecosystem.

在大學橄欖球方面，我們的期望是它會是附加的。正如我們在準備好的評論中所說，《Madden》今年的表現非常出色，是最重要的遊戲。 2023 日曆年最大的運動遊戲。我們看到遊戲的參與度不斷提高，Ultimate Team 的獲利能力也隨之提高。該團隊正在繼續對這種模式以及《Madden》產品的擴展進行有意義的投資。當然，當我們廣泛審視 NFL 時，球迷群體繼續增長，今年我們度過了一個令人難以置信的賽季。我們的期望是，我們將投資支持《Madden》並發展《Madden》，而《大學橄欖球》作為一項等待我們球迷長達10 年的遊戲所代表的意義在於，存在著令人難以置信的被壓抑的需求，我們預期這將是累積的到生態系統。

And over the broad course of time, the way our team thinks about this is how do we really expand the football community in this country and internationally through a combination of both Madden and College that we think will be both complementary in gameplay but overall additive to the ecosystem.

從長遠來看，我們團隊思考的方式是如何透過《Madden》和《College》的結合來真正擴大這個國家和國際上的足球社區，我們認為這在遊戲玩法上是互補的，但總體上是對足球社區的補充。生態系統。

Our next question comes from Chris Schull with UBS.

我們的下一個問題來自瑞銀集團的克里斯舒爾。

You mentioned in the press release that you're prioritizing investment in the largest opportunities for multiyear growth. I appreciate you're looking to drive growth across the portfolio, but which franchises, in particular, do you see the most incremental opportunity as you look out into fiscal '25 and beyond? And then we've also seen some new developments and announcements from your peers around subscription gaming. Can you just remind us how you're thinking about the role of subscription gaming to your business and maybe what traction you're seeing with EA play? And how do you balance making content available on your platform versus third parties?

您在新聞稿中提到，您將優先投資於多年成長的最大機會。我很高興您希望推動整個投資組合的成長，但在您展望 25 財年及以後的財年時，您認為哪些特許經營權具有最大的增量機會？然後我們也看到了同行關於訂閱遊戲的一些新進展和公告。您能否提醒我們您如何看待訂閱遊戲對您業務的作用以及您認為 EA 遊戲有何吸引力？您如何平衡在您的平台上與第三方上提供內容？

Yes. Great question. Thank you. First and foremost, I would go back to as a core entertainment company, it is always important that we are developing and investing in new IP to grow the future pipeline opportunity, that optionality that Stuart referred to earlier and we have the strongest pipeline, I think we've had in many, many years as we go into those out years in terms of both our core IP and new IP. If we look at the trailing 12 months, both in terms of engagement and monetization, what we do see, however, is that the biggest games are these games that really entertain and engage massive online communities.

是的。很好的問題。謝謝。首先也是最重要的，我會回到作為一家核心娛樂公司，我們開發和投資新的 IP 以增加未來的管道機會始終很重要，斯圖爾特之前提到的選擇性，我們擁有最強大的管道，我我認為我們在核心智慧財產權和新智慧財產權方面已經經歷了很多很多年了。然而，如果我們從參與度和獲利角度看過去 12 個月的情況，我們確實會看到，最大的遊戲是那些真正能娛樂並吸引大量線上社群的遊戲。

And these are existing franchises that either evolve on a month-by-month cadence or evolve with annual releases plus live services. And so as we think about the foundation of growth for our business, we think about FC. Again, this was the first year of FC branding. What we've spoken about in the past few quarters is having that FC brand and partnering more closely with the core leagues in territory gives us more growth opportunities than we believe we ever had before. It is building around Madden NFL and expanding the broader college football base but it's also investing in the Sims and in Apex and in Battlefield and ultimately, some of those as we go down through the next coming years.

這些是現有的特許經營權，要么按月的節奏發展，要么隨著年度發布和實時服務的發展而發展。因此，當我們思考業務成長的基礎時，我們會想到 FC。同樣，今年是 FC 品牌推廣的第一年。我們在過去幾季所談論的是擁有 FC 品牌並與領土內的核心聯賽更緊密地合作，這為我們提供了比我們以前認為的更多的成長機會。它正在圍繞《Madden NFL》進行建設，並擴大更廣泛的大學橄欖球基礎，但它也投資於《模擬市民》、《Apex》和《戰地》，最終，我們將在未來幾年內投資其中的一些項目。

And so while we will continue to invest meaningfully behind new IP and we will be thoughtful and focused on those investments, we see significant opportunity based on how communities are coming together in games around our biggest franchises, FC, Madden, Sims, Battlefield, Apex, and we will work meaningfully to expand those over the coming years. And then on subscription, remember, we have been early in subscription as a company. We have EA Play as a subscription that exists across platforms. It is part of the Game Pass Ultimate service on Xbox Live as well. I think that we believe, as we look forward, that subscription will be a meaningful part of our industry over the course of time.

因此，雖然我們將繼續對新IP 進行有意義的投資，並且我們將深思熟慮並專注於這些投資，但我們看到了巨大的機會，基於社區如何在我們最大的特許經營權遊戲《FC》、《Madden 》、《模擬市民》、《戰地》、《Apex》中聚集在一起。 ，我們將在未來幾年有意義地努力擴大這些範圍。然後在訂閱方面，請記住，作為一家公司，我們很早就開始訂閱了。我們將 EA Play 作為跨平台的訂閱服務。它也是 Xbox Live 上 Game Pass Ultimate 服務的一部分。我認為，正如我們所期望的那樣，隨著時間的推移，訂閱將成為我們行業有意義的一部分。

It hasn't really translated in the same way that a linear television or movie subscription has or a music subscription just because of the nature of engagement in our content relative to those other mediums. However, as we think about the future, we do believe there is an opportunity to fundamentally disrupt how households consume content broadly. As we look at leaders in the space like Netflix and then leaning into games, as we listen to underperformance of Warner Bros. Games division and their conversation around how that might feed into their broader subscription over time. We think we're in an incredibly strong position to continue to lead on subscription, at least as it relates with interactive because of both the depth and the breadth of our portfolio, which as we look at our portfolio, we believe it's unrivaled in the industry and spans across many genres, including sports, which, of course, is a meaningful driver of entertainment value in the coming years.

它並沒有真正以與線性電視或電影訂閱或音樂訂閱相同的方式進行翻譯，這只是因為我們的內容相對於其他媒體的參與性質。然而，當我們思考未來時，我們確實相信有機會從根本上顛覆家庭廣泛消費內容的方式。當我們關注 Netflix 等該領域的領導者並轉向遊戲時，當我們聆聽華納兄弟遊戲部門的表現不佳以及他們關於如何隨著時間的推移將其納入更廣泛的訂閱範圍的討論時。我們認為，我們處於非常有利的地位，可以繼續在訂閱領域處於領先地位，至少在互動方面是這樣，因為我們的投資組合的深度和廣度，當我們審視我們的投資組合時，我們相信它在互動領域是無與倫比的。行業並跨越許多類型，包括體育，這當然是未來幾年娛樂價值的重要驅動力。

Thank you, Chris. Brian, next question, please?

謝謝你，克里斯。布萊恩，請問下一個問題嗎？

Our next question comes from the line of Eric Handler with ROTH MKM.

我們的下一個問題來自 Eric Handler 和 ROTH MKM 的對話。

Andrew, I wonder if you -- have you ever thought about taking all of your essentially siloed sport communities and thinking about a way to bring them all together so that hockey fans can talk to soccer fans or football fans talk to UFC fans and that way you can build a huge community around that where you could then layer in various highlight clips of real-world games, some e-commerce, just sort of create for lack of a better word, a metaverse, given how massive your community is.

安德魯，我想知道您是否- 您是否想過將所有本質上孤立的體育社區整合在一起，並考慮如何將它們聚集在一起，以便曲棍球迷可以與足球迷交談，或者足球迷可以與UFC 球迷交談，這樣你可以圍繞它建立一個巨大的社區，然後你可以在其中分層放置現實世界遊戲的各種精彩片段，一些電子商務，只是因為缺乏更好的詞而創建，考慮到你的社區有多大，虛擬宇宙。

Incredible question and also very insightful. And certainly, as you think about our network, which is well over $700 million right now, about half of that indirect with our sports games. And so as we think about our sports community, it is almost certainly one of the largest collective sports communities on the planet. And as we think about EA Sports as a brand, we know from brand research around the world, is also one of the most recognizable and recognized sports brands. And as we think about emerging consumer generations, Gen Z and Gen Alpha, for many of them, their first relationship with sports comes through their relationship with the leagues and teams and sports they love as a result of their interaction with their EASports products.

令人難以置信的問題，也非常有見地。當然，當你想到我們的網絡時，我們的網絡目前價值遠遠超過 7 億美元，其中大約有一半是透過我們的體育比賽間接實現的。因此，當我們想到我們的體育社區時，它幾乎肯定是地球上最大的集體體育社區之一。當我們考慮 EA Sports 作為一個品牌時，我們從世界各地的品牌研究中得知，它也是最知名和最受認可的運動品牌之一。當我們想到新興消費者世代（Z 世代和Alpha 世代）時，對他們中的許多人來說，他們與體育的最初關係來自於他們與聯盟、球隊以及他們喜愛的體育項目的關係，這是他們與EASports 產品互動的結果。

And so what we know to be true is right now, as we think about our players, they spend on average about 90 minutes of session inside of one of our games they then leave that game experience where they've been deeply connected with their core friend unit, and they go and they talk about that experience on another platform. And then they go and create content about that experience on yet another platform. And then finally, on watch that content on another platform. We do believe we have a meaningful opportunity over the coming years to actually harness the power of that community, both inside and outside of our games, which is really the third pillar of our core strategy and will be led by our EA Sports brand.

所以我們現在知道的是，當我們考慮我們的玩家時，他們在我們的一款遊戲中平均花費大約 90 分鐘的時間，然後他們離開與他們的核心有著深刻聯繫的遊戲體驗朋友單位，他們去另一個平台談論那段經歷。然後他們在另一個平台上創建有關該體驗的內容。最後，在另一個平台上觀看該內容。我們確實相信，未來幾年我們有一個有意義的機會，可以在遊戲內外真正利用該社群的力量，這實際上是我們核心策略的第三個支柱，並將由我們的 EA Sports 品牌領導。

So again, a super insightful question, nothing to announce today, but you should imagine that we see the very same thing. We see an incredible opportunity by virtue of the breadth and depth of our sports portfolio, the breadth and depth of our sports relationships around the world, which I think are unmatched on a global basis. and certainly, the size and magnitude of our sports gaming community and the relationship they have with their favorite sports through us, but more importantly, the connections that they're making with their friends as a result of the time they spend with us.

再說一遍，這是一個非常有洞察力的問題，今天沒有什麼可宣布的，但你應該想像我們看到了同樣的事情。憑藉我們體育產品組合的廣度和深度，以及我們在世界各地的體育關係的廣度和深度，我們看到了一個難以置信的機會，我認為這在全球範圍內是無與倫比的。當然，我們體育遊戲社群的規模和規模以及他們透過我們與他們最喜歡的運動建立的關係，但更重要的是，他們透過與我們一起度過的時間而與他們的朋友建立了聯繫。

We think there's a meaningful opportunity for us to expand on that, both inside the game, and we're seeing that already in our core products like FC and Madden, but also outside the game. And some of the starting points of that are some of the deals that we've done with our license partners that do allow us to bring highlights and other non-gaming content into the ecosystem broadly. So best I can say is watch this space.

我們認為，在遊戲內部，我們有一個有意義的機會來擴展這一點，我們已經在《FC》和《Madden》等核心產品中看到了這一點，而且在遊戲之外也是如此。其中一些出發點是我們與授權合作夥伴達成的一些交易，這些交易確實使我們能夠將亮點和其他非遊戲內容廣泛地引入生態系統。所以我能說的最好的就是專注在這個空間。

And just as a quick follow-up. I wonder if you could just give a little bit of an update about sort of the state of the mobile industry, sort of what you're seeing. You did mobile bookings were up modestly in the quarter. Do you think you've reached stabilization and you can expand from here? Or how are you -- what are you seeing in the market?

就像快速跟進。我想知道您是否可以提供一些有關移動行業現狀的最新信息，以及您所看到的情況。您確實行動預訂在本季度略有增長。您認為您已經達到穩定並且可以從這裡擴展嗎？或者你怎麼樣——你在市場上看到了什麼？

All right. I'll just go -- I'll have a quick position on the financial frame that you just talked to. So yes, sort of in Q3, we actually tracked up 5% at constant currency when you exclude lapping of Apex from the prior year. We did see improvement sequentially. We saw a double-digit improvement between Q2 and Q3 by our overall mobile portfolio. And obviously, you talked to you saw the strength that we called out, in particular, around FC within that mix, we saw double-digit growth year-on-year as we even entered a World Cup comp.

好的。我就去——我會快速了解你剛才談到的財務框架。所以，是的，在第三季度，如果排除上一年的 Apex 研磨，我們實際上以固定匯率計算成長了 5%。我們確實看到了連續的改善。我們的整體行動產品組合在第二季和第三季之間實現了兩位數的改善。顯然，你和你交談過，看到了我們所強調的實力，特別是在這個組合中，我們看到了兩位數的同比增長，甚至進入了世界盃比賽。

In terms of how we think about mobile as we move forward, I think we've been very clear on the strategy that we're focused on, which continue to lean into the success we've seen around FC and our broader ecosystems as in both an entry point and expansion for us in terms of players. We'll continue to lean and focus on those across our biggest opportunities through, whether it's FC, Madden, Sims, Battlefield and beyond. Second part is we continue to look for the biggest hits and IP and opportunities that can stand alone on mobile itself, wrapped inside of an incredibly disciplined approach as we've focused on driving profitability across this platform to some of our more historic levels versus the past.

就我們在前進過程中如何看待移動而言，我認為我們已經非常明確我們所關注的戰略，該戰略繼續依賴我們在 FC 和更廣泛的生態系統方面所取得的成功，例如對於我們來說，這既是切入點，也是玩家擴張的一個切入點。我們將繼續關注並關注我們最大的機會，無論是《FC》、《Madden》、《模擬市民》、《戰地》或其他遊戲。第二部分是，我們繼續尋找可以獨立於移動本身的最大熱門、IP 和機會，並採用極其嚴格的方法，因為我們專注於將整個平台的盈利能力提高到一些歷史水平。過去的。

So those are 3 kind of profiles we expect. So yes, quarter-over-quarter sequential improvement strength overall year-on-year with plus 5% and a diligent strategy and approach from us around our biggest opportunities on ecosystems, IP within the platform in mobile itself and obviously disciplined P&L performance around the business.

這就是我們期望的 3 種設定檔。所以，是的，季度環比整體同比增長了 5%，並且我們圍繞生態系統、移動平臺本身的 IP 以及明顯嚴格的損益表現方面的最大機遇採取了勤奮的戰略和方法。商業。

Our next question comes from Brian Pitz with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Brian Pitz。

Andrew, we've seen reports that sports leagues like the NFL and NBA considering ownership stakes in the likes of ESPN, obviously, EA has one of the most valuable audiences in sports. Just curious, are there opportunities for EA to partner more closely with these leagues? And also from another dimension, I guess, how do you think about this opportunity as the NFL and other leagues embrace sports betting. Is there a real money gaming opportunity? I know the industry has looked at it in the past, but I think we're in a new place now going forward.

安德魯，我們看到有報導稱 NFL 和 NBA 等體育聯盟正在考慮入股 ESPN 等公司，顯然 EA 擁有體育界最有價值的觀眾之一。只是好奇，EA 是否有機會與這些聯賽進行更緊密的合作？我想，從另一個維度來看，當 NFL 和其他聯盟擁抱體育博彩時，您如何看待這個機會。有真錢遊戲機會嗎？我知道業界過去已經關注過這個問題，但我認為我們現在正處於一個新的發展階段。

Yes. Again, great questions. I think the relationship between the NFL and the NBA and the likes of ESPN is super interesting to us. I would think about this on 2 vectors. One, we have incredible relationships with our sports leagues. Many of them we've had for over 30 years, and they have evolved with us and we have evolved with them. A big part of what we have done through the rebrand of FC has actually gotten significantly closer to our European Football League partners. And much of what we've done as we have renewed and bolstered those relationships for the next decade and beyond is really think about how we can come together in service of fans more broadly, not just fans in the context of interactive gameplay.

是的。再次，很好的問題。我認為 NFL 和 NBA 以及 ESPN 等機構之間的關係對我們來說非常有趣。我會在兩個向量上考慮這個問題。第一，我們與運動聯盟有著令人難以置信的關係。其中許多我們已經使用了 30 多年，它們與我們一起發展，我們也與他們一起發展。我們透過 FC 品牌重塑所做的很大一部分實際上已經大大拉近了我們與歐洲足球聯盟合作夥伴的距離。在未來十年及以後的時間裡，我們在更新和加強這些關係時所做的大部分工作都是在思考如何能夠更廣泛地為粉絲服務，而不僅僅是互動遊戲背景下的粉絲。

And part of what you're seeing there is we start to bring highlights into our games and really think about FC as a platform is kind of a testament to that evolution of the nature of our relationship. I do believe that we have the opportunity to do the same with the NFL and the NBA. And you should imagine that we're working very closely with all of our league partners, NHL, UFC, F1. And we see a tremendous opportunity to really think about EA SPORTS as a platform for engagement and how we might grow in service of our fans with our league partners. I would also highlight we've had a relationship with ESPN for the best part of 30 years and have worked very closely with them and continue to work very closely with ESPN and the WaltDisney company as we think about the future of entertainment broadly. And so, we feel very good about our position in this future. We feel very good about the connection we have with the fans.

你所看到的部分內容是，我們開始將亮點帶入我們的遊戲中，並真正將 FC 作為一個平台，這在某種程度上證明了我們關係本質的演變。我確實相信我們有機會對 NFL 和 NBA 做同樣的事情。您應該想像我們正在與所有聯盟夥伴（NHL、UFC、F1）密切合作。我們看到了一個巨大的機會，可以真正將 EA SPORTS 視為一個參與平台，以及我們如何與聯盟合作夥伴共同為粉絲提供服務。我還要強調的是，我們與 ESPN 的關係已經持續了 30 年，並且與他們密切合作，並且在我們廣泛思考娛樂業的未來時，將繼續與 ESPN 和華特迪士尼公司密切合作。因此，我們對自己在未來的地位感到非常滿意。我們對與球迷的聯繫感覺非常好。

We feel very good about our opportunity to grow our business as a result of this evolved service opportunity we have with them.

由於我們與他們一起提供了這種不斷發展的服務機會，我們對發展業務的機會感到非常滿意。

Our next question comes from the line of Andrew Marok with Raymond James.

我們的下一個問題來自安德魯·馬洛克和雷蒙·詹姆斯的對話。

I wanted to dig into a couple of things on the recent Apex event, this last month with Final Fantasy. So commentary sounded really good in the prepared remarks. But with the dynamic that versus prior collection events, it was maybe less expensive for the first few items but more expensive to complete, how does that affect player dynamics? And what are some of the key learnings coming out of that event for you guys?

我想深入探討最近舉辦的《Apex》活動中的一些事情，也就是上個月的《最終幻想》。因此，準備好的評論中的評論聽起來非常好。但與先前的收集活動相比，前幾件物品的成本可能較低，但完成成本較高，這對玩家動態有何影響？你們從這次活動中學到了哪些重要經驗？

I guess at a macro level, we're really, really happy with that event. It was very well received by the community. It actually performed incredibly well, and certainly, as we were in what was a very, very competitive quarter, there were a couple of competitive titles that actually did some really unique and interesting things in the quarter. And so the performance of Apex with that collection event in the context of some of these other unique things happening in the competitive landscape, we think shows tremendous promise for how the franchise continues into Season 20 and beyond.

我想從宏觀層面來看，我們對這次活動真的非常滿意。受到社會各界的好評。它實際上表現得非常好，當然，由於我們正處於競爭非常非常激烈的季度，因此有一些競爭性遊戲實際上在該季度做了一些非常獨特和有趣的事情。因此，在競爭格局中發生的其他一些獨特事件的背景下，《Apex》在該收集活動中的表現，我們認為這表明了該系列在第 20 季及以後的發展前景。

I've spent a lot of time with the team lately. The team are very committed to the game. They're very committed to the community. They're working diligently to offer new types of content and new types of mechanics into the game and they put tools in place to test those meaningfully to ensure that both their enhancing game play but also that they're fulfilling the needs and motivations of the community. And I'm very encouraged by what we saw out of that collection event and are very encouraged as we go into Season 20 and all the new and interesting things that the team is doing.

最近我花了很多時間和團隊在一起。球隊對比賽非常投入。他們非常致力於社區。他們正在努力為遊戲提供新類型的內容和新類型的機制，並使用適當的工具來有意義地測試這些內容，以確保它們既能增強遊戲玩法，又能滿足玩家的需求和動機。社群。我們從這次收集活動中看到的一切讓我深受鼓舞，當我們進入第 20 季以及團隊正在做的所有新的有趣的事情時，我也深受鼓舞。

You kind of led into what was going to be the next part of my question. So we've seen Apex do some smaller crossover events in the past. But how did the Final Fantasy partnership specifically kind of come about? And with the increasing intent kind of in the rest of the states, as you hinted out for a lot of these cross media partnerships, how much room and intent is there for more of these more substantial crossovers within Apex?

你有點引出了我問題的下一部分。所以我們過去見過 Apex 舉辦過一些較小的跨界活動。但《最終幻想》的合作具體又是如何產生的呢？隨著其他州的意圖不斷增加，正如您暗示的許多跨媒體合作夥伴關係一樣，Apex 內有多少空間和意圖來進行更多此類更實質的跨界合作？

Yes. I think we're still learning and the team is now thinking through what that might look like. Remember, Apex is an incredible game that's attracted hundreds of millions of people to play. That has tremendous retention in its core, and underneath that core gameplay, which is incredible and what Respawn is known for, is also tremendously deep law about who these characters are, where these characters come from and how those characters interact in the world. And so we have to be very thoughtful about any brand crossovers that we do to make sure that we're not impeding the authenticity of the characters or the game in any way.

是的。我認為我們仍在學習，團隊現在正在思考這可能會是什麼樣子。請記住，Apex 是一款令人難以置信的遊戲，吸引了數億人來玩。這在其核心中具有巨大的保留性，而在令人難以置信的核心遊戲玩法之下，也是Respawn 所聞名的，也是關於這些角色是誰、這些角色來自哪里以及這些角色如何在世界中互動的深刻法則。因此，我們必須對我們所做的任何品牌交叉深思熟慮，以確保我們不會以任何方式妨礙角色或遊戲的真實性。

What I think the Final Fantasy crossover did was actually open our eyes to the kinds of things that are possible, and the kind of things that will be super well received by our core fan base and new fans alike. And how that lines up with the core law of the game. And so I would expect that we have more opportunities to do this in the future. But I would also expect that the team will continue to protect both the core game play, the core character set and the core law in the world, what this event does show is we have probably more ability to do things in that direction than we may have thought previously.

我認為《最終幻想》聯動版實際上讓我們看到了各種可能的事情，以及那些會受到我們的核心粉絲群和新粉絲的熱烈歡迎的事情。以及這如何與遊戲的核心法則一致。所以我希望我們將來有更多機會這樣做。但我也希望團隊將繼續保護核心遊戲玩法、核心角色設定和世界核心法律，這一事件確實表明我們可能比我們更有能力朝這個方向做事以前曾想過。

Thank you. Operator, our last question, please.

謝謝。接線員，請回答我們的最後一個問題。

Our last question comes from the line of Mike Hickey with Benchmark Company.

我們的最後一個問題來自 Benchmark Company 的 Mike Hickey。

First question is kind of a challenge, Andrew, because it hasn't been announced that we obviously have a fair amount of evidence that the switch to, from Nintendo should come out this year. And from what we know, it's going to be a bigger display, more horsepower. It seems like it is something a platform that would better lend itself to your game. So in as much as you can sort of talk about an opportunity that's not beneficially announced. Just curious if you think you can have more success on that sort of platform that seems better geared towards your games? The second one is sort of, it looks like '25 is not calling an investment year, but most of the growth here is driven by your core games and Live Services.

第一個問題是一個挑戰，安德魯，因為我們還沒有宣布，我們顯然有相當多的證據表明今年應該會從任天堂轉向任天堂。據我們所知，它將有更大的顯示器、更大的馬力。看起來它是一個更適合你的遊戲的平台。因此，您可以盡可能多地談論尚未有利地宣布的機會。只是好奇您是否認為您可以在那種似乎更適合您的遊戲的平台上取得更大的成功？第二個是，看起來 25 年並不是投資年，但這裡的大部分成長是由核心遊戲和即時服務推動的。

But you look at your longer-term pipeline, you think about Battlefield, Mass Effect, Star Wars, obviously, you've been great in the action genre. I think you're still developing a shooter from respawn as well. (inaudible) to play maybe user-generated content, licensed properties like Ironman, Black Panther, I mean all of those seem feasible by fiscal '27. So just sort of curious, I know you kind of talked about your longer-term growth opportunity in near term, you focused on leverage, but do you think you're sort of in a position here in the next 2 years to sort of accelerate your top line growth just given how substantial your pipeline appears to be?

但你看看你的長期計劃，你會想到《戰地》、《質量效應》、《星際大戰》，顯然，你在動作類型方面表現出色。我認為你們還在開發重生版的射擊遊戲。 （聽不清楚）播放也許是用戶生成的內容，像《鋼鐵人》、《黑豹》這樣的許可財產，我的意思是所有這些在 27 財年似乎都是可行的。所以只是有點好奇，我知道您談到了近期的長期成長機會，您專注於槓桿作用，但您認為您在未來兩年內是否有能力加速成長考慮到您的產品線規模有多大，您的營收成長是多少？

Yes. A lot there, and you're a little quiet at the beginning, but I think what you're asking or was suggesting there has been some rumors that Nintendo was doing a new console, and to the extent that I'm able to comment on things that are not yet announced, do I think that might benefit our company and our portfolio? Again, I can absolutely not comment on anything that has not been announced or acknowledge it in any way. What I would say, though, is, to the extent that platforms over the course of the last 20 years have come out and offered improved CPU, GPU, memory, battery life, screen resolution, to the extent those things have happened, where we're able to deliver more immersion for our players, particularly around our biggest franchises like FC, like Madden, like Battlefield, like Apex that has typically been very good for our business.

是的。那裡有很多，一開始你有點安靜，但我認為你所問的或所建議的，有一些傳言稱任天堂正在開發一款新遊戲機，就我能夠評論的程度而言對於尚未宣布的事情，我認為這可能有利於我們公司和我們的投資組合嗎？再說一次，我絕對不能對任何尚未宣布或以任何方式承認的事情發表評論。不過，我想說的是，就過去 20 年中出現的平台而言，它們提供了改進的 CPU、GPU、內存、電池壽命、屏幕分辨率，就這些事情發生的程度而言，我們在哪裡能夠為我們的玩家提供更多的沉浸感，特別是像《FC》、《Madden》、《戰地》、《Apex》這樣我們最大的特許經營遊戲，這些遊戲通常對我們的業務非常有利。

Our players' ability to really experience our games at the highest level has typically worked out very well for us. And so without commenting at all on anything around Nintendo or the Switch, I would just say. New platforms are good for us, where new platforms offer improved CPU, GPU, memory, battery life, screen resolution that typically is a plus for our particular portfolio of games and the community that plays them.

我們的玩家真正體驗最高水平的遊戲的能力通常對我們來說非常有效。因此，我不會對任天堂或 Switch 的任何事情發表任何評論，我只想說。新平台對我們有好處，新平台提供了改進的 CPU、GPU、記憶體、電池壽命和螢幕分辨率，這通常對我們的特定遊戲組合和玩這些遊戲的社區來說是一個優勢。

Mike, just to kind of tackle your second question. Let's take '25 first, a second, and I'll build it back into the longer-term answer I gave before, and we prepared remarks on as well. So first on '25. So I think the key here is we expect growth in our core business. We're 73% Live Service and obviously have a consistent Full Game Sports release slate, plus we've talked to College coming in the summer next year in 2024. Second, we do have a lighter release slate, which obviously comps to a Star Wars launch and a more expansive sports like where we saw 8 titles released this year.

麥克，只是為了解決你的第二個問題。讓我們先考慮“25”，然後我會將其重新構建到我之前給出的長期答案中，我們也準備了評論。首先是25年。所以我認為這裡的關鍵是我們期望核心業務的成長。我們的 73% 是現場服務，顯然有一個一致的完整遊戲體育版本，而且我們已經與大學討論了明年夏天 2024 年的發布。其次，我們確實有一個更輕的版本，這顯然可以與明星相比戰爭發布以及更廣泛的運動項目，例如今年我們發布了8 款遊戲。

And we've called out also that Battlefield is not in our FY '25 outlook, Third, we continue to drive leverage. And I'll just point you to your question around sort of an investment year. You can see sort of by the underlying profitability range that we are still getting scale and leverage by virtue of efficiencies in the business, but also continue to resource and reallocate against some of our bigger growth opportunities. The last one, obviously is just a reminder, we continue to expense costs. So we continue to build into that acceleration that flows into the longer term beyond FY '25, that will be highly beneficial we think of operating leverage to some of the questions we've had earlier.

我們也指出，《戰地風雲》不在我們 25 財年的展望中。第三，我們持續提高槓桿。我只是向您指出有關投資年度的問題。您可以從基本獲利範圍看出，我們仍然憑藉業務效率而獲得規模和槓桿作用，而且還繼續針對一些更大的成長機會進行資源和重新分配。最後一條顯然只是一個提醒，我們繼續支出成本。因此，我們將繼續推動 25 財年之後的長期加速發展，這對我們考慮利用營運槓桿來解決我們之前遇到的一些問題將非常有益。

So you kind of put that together. So FY '25, obviously a core business growth. We'll talk more about the details in our Q4 call, lighter slate ongoing scale and leverage from the core business itself and obviously, we expense as we go from an investment perspective. We do expect to see for all the titles in terms of new releases, plus ongoing growth in our core business that we do believe we continue to get accretion and long-term growth and incremental cash flow that accelerates through those following years to the comments we laid out earlier.

所以你把它們放在一起。因此，25 財年顯然是核心業務的成長。我們將在第四季度的電話會議中更多地討論細節、更輕的持續規模和核心業務本身的槓桿作用，顯然，我們從投資的角度進行支出。我們確實希望看到所有新版本的遊戲，加上我們核心業務的持續成長，我們相信我們將繼續獲得成長和長期成長以及增量現金流，這些現金流將在接下來的幾年中加速，我們的評論是這樣的。較早佈置。

Okay. Thank you all for being here, and thank you for your great questions, really good questions today. I want to extend my deepest appreciation to our teams for their passion, their hard work and commitment in delivering incredible interactive entertainment to our growing global communities. And to close, I'd say, we're confident in our ability to deliver value through our accelerated growth, forward operating leverage and increased cash flow over the longer term. We look forward to updating you next quarter on our fiscal year results on May 7. And before we sign off, it would be remiss of me if I didn't congratulate our local Bay Area team, the 49ers for making the Super Bowl hell of a game on Sunday, good luck against the Chiefs in Las Vegas, Go Niners.

好的。感謝大家來到這裡，感謝你們今天提出的好問題，非常好的問題。我要向我們的團隊致以最深切的謝意，感謝他們的熱情、辛勤工作和承諾，為我們不斷發展的全球社區提供令人難以置信的互動娛樂。最後，我想說的是，我們對透過加速成長、遠期營運槓桿和長期現金流增加來創造價值的能力充滿信心。我們期待在下個季度5 月7 日向您更新我們的財年業績。在我們結束之前，如果我沒有祝賀我們當地的灣區球隊49 人隊在超級碗比賽中取得了地獄般的成績，那將是我的失職。週日的一場比賽，祝你好運，在拉斯維加斯對陣酋長隊，Go Niners。

That concludes today's meeting. Thank you all for joining. You may now disconnect.

今天的會議到此結束。感謝大家的加入。您現在可以斷開連線。